Last Friday marked the end of the 'Annual Labuan Week' organised by the Labuan Offshore Financial Services Authority (LOFSA) which included a one-day conference entitled "Strategic Development of Labuan As An IOFC" attended by more than 100 participants from the Offshore Financial fraternity throughout Malaysia, Singapore, Brunei and Hong Kong.
Friday October 3 also saw the staging of the Offshore Industry Annual Dinner where LOFSA Director General Ms. Rosnah Omar highlighted budget announcements designed to attract more offshore companies to undertake offshore activities in Labuan, in particular those from Islamic countries.
Under new proposals, offshore companies carrying on Islamic offshore activities in Labuan will be given an income tax rebate equivalent to the amount of zakat paid to the Labuan religious authority. This is subject to a maximum of 3% of net profit of RM 20,000. Companies originating from Islamic countries such as Bahrain, Brunei and Sudan do not pay income tax but only zakat on their business income.
Ms Rosnah Omar also announced that LOFSA has initiated work on the establishment of an international shipping registry (ISR) in Labuan. Such an international registry would be able to compete with Hong Kong, Bahamas, Singapore, Bermuda, Cayman Islands and other international ship registries. An ISR will compliment the existing traditional registries in Malaysia and will provide spin off effects on other service sectors in Labuan such as leasing, insurance, re-insurance, financing, and ancillary maritime services, to name a few.
LOFSA has registered 3,935 offshore companies which include the top 20 international banks, premier insurance and insurance-related companies, trust, leasing and fund management companies, as well as professional service providers that facilitate registration and operations in Labuan.
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